Investment Officer

Luxembourg’s SES SA, which likes to describe itself as the world’s only multi-orbit satellite player, has announced the successful launch of senior unsecured fixed rates due 2029 for a total amount of 750 billion euro.

The seven-year notes bear a coupon of 3.50 percent and were priced at 99.725 percent of their nominal value, representing a credit spread of 175 basis points and a yield-to-maturity of 3.55 percent.

Unregulated alternative investments continued to be dynamic and successful in Luxembourg last year thanks to the modernisation in recent years of the Grand Duchy’s regulatory regime for private markets, consultancy firm PWC Luxembourg noted when releasing the latest version of its Observatory for Management Companies.

European financial market regulator Esma has reminded fund managers of their fiduciary duties to correctly account for the impact of Russia’s invasion of Ukraine on investment funds.

Less than a day after the “green-washing raids” by German authorities on the Frankfurt offices of Deutsche Bank and its asset management arm DWS, the bank said Asoka Wöhrmann will resign as chief executive officer at DWS. Stefan Hoops, a long-time Deutsche executive, is named as his successor. 

Hoops has served as Deutsche’s head of corporate bank for the last three years. He has been with the bank since 2003. 

Frankfurt investigators on Tuesday raided Deutsche Bank and the nearby offices of asset management arm DWS. The suspicion is that DWS is guilty of so-called “greenwashing”. It is alleged that the asset manager systematically exaggerated the sustainable nature of its products. 

More than one hundred scientists are calling on the United Nations to ditch the 17 Sustainable Development Goals, or SDGs. According to the signatories of a joint letter, the world’s problems cannot be solved with the same ideology that created them.

Investment funds that invest in health and wellness already existed, but DNCA Finance is now launching a thematic equity fund that invests in the sports sector. DNCA managers Boris Radondy and Simon de Franssu spoke to Investment Officer Belgium. “There are 340 listed companies in the world whose activities are closely related to sport. They represent a market capitalisation of $3,000 billion, which has increased sixfold in the last decade.”’

After two rounds of voting three candidates remained in the race on Monday night for the position of director-general of the European Stability Mechanism. Luxembourg’s candidate Pierre Gramegna, a former finance minister, will have to win the support from southern European countries if he is to succeed Klaus Regling in October. A decision now is expected at the 16 June Eurogroup meeting in the Grand Duchy.

The European Central Bank now is convinced that it will raise its benchmark eurozone interest rate at its 21 July monetary policy meeting and said it expects that its interest rates will no longer be negative by September. Its latest statement also indicates that the ECB is hedging its bets for upcoming medium-term policy moves in order to to add to its flexibility to act. 

As yields increase, several fund houses have recently bought European government bonds, following the ‘huge sell-off’ in this market. In the meantime, commodities should ease the pain of high inflation.